You have in place a registered intellectual property (IP) that gives you a competitive edge over your competitors. Chinese Tech Entrepreneurs Keen to 'De-China' as Tensions With US Soar OUR MENU Our Services Singapore Immigration Services Company Registration Services Accounting & Tax Services Australia Australia Resident Return Visa (RRV) Australian Skilled Visa Singapore Representative Office: How Can a Foreign Company Set Up? Your IPA letter may demand you to undergo a medical examination and provide the results when you get your visa. Understanding The Legal Requirements For Company Set Up In Singapore, How to Lower Your Singapore Corporate Tax Rate, Complete guide to get an Entrepreneur Pass in Singapore, High skilled workforce: executive and managers.CV and passport, Less than 6 months old company OR not incorporated, SGD 8,000+ for experienced hires (indicative), Yes, requires extensive documents, for up to 2 years, Preferred salary payment from the Singapore entity, Follow us on LinkedIn and stay updated on the latest news, Copyright RBA 2023. The company has exceptional technical or domain expertise in an area related to your proposed business. When you obtain an IPA letter from the authorities, you must register your company, open a corporate bank account, and inject the required share capital within 30 days of receiving the letter. High skilled workforce: executive and managers.CV and passport Educational Certificates All documents must be translated in English, All requirements stated for EP Preparation of a business plan (including demonstration of innovativeness)Have an Entrepreneur OR Innovator OR Investor profile (see specific criteria above), Preferred salary payment from the Singapore entity Dependant passes available, Can be applied prior incorporation Possible to apply for a dependant pass (for family members) if sufficient local hires and total annual business spending. Singapore also has comprehensive trade agreements with over 100 regions of the world, excellent connectivity, strategic geographical location, proximity to worlds. If you are an entrepreneur looking to establish a business in Singapore, you may be able to apply for an Entrepreneur Pass (EntrePass). The MOM will deliver the card to the address mentioned in the application. Entrepreneur Pass in Singapore | Get a free quote for visa assistance MBiA by RBA Get in contact with us by clicking here! Deciding Your Business Structure: A Sole Proprietorship, Partnership or a Company? To be eligible for the EntrePass, the candidate must fulfill the criteria outlined by the Ministry of Manpower in Singapore. To apply for an Employment Pass, you are required to have certain educational qualifications and professional experience. Benefits of Forming a Limited Liability Company, When and Where to Incorporate Your Startup, Key Legal Documents for a Startup Company, Fine Tuning Your Business Model After Launch, Managing Startup Risks An Entrepreneurs Guide, Executing a Successful Sale of Your Business, Renewal, Cancellation and Replacement of the Pass, Passes for the Family of the EntrePass holder. It allows you to travel into Singapore multiple times without having to re-apply for a visa, each time. Other documents which you think may be helpful to support your appeal. There will also be a focus on securing the digital economy against modern climate, technology, and cyber risks. It is well-advised that you register for the new company with the Accounting and Corporate Regulatory Authority only after getting the nod of approval for the EntrePass application. If you have been denied an EntrePass, you have 90 days from the date of your rejection notice to file an appeal. Benefit from funding of a Singapore Government-recognised venture capital fund or business angel. How to Choose an ACRA-Approved Name for Your Business, 7 Start-Up Government Grants in Singapore (and How to Apply), Opening a Corporate or Business Bank Account in Singapore, Finding a Suitable Corporate Secretarial Firm in Singapore, Financial Year End (FYE) Singapore: How to Decide/Change, 8 Tips on Choosing the Best Virtual Office in Singapore for Your Business, Company Seals vs Rubber Stamps in Singapore: When to Use What, Multinational Company (MNC): How to Set Up One in Singapore, How to Set Up a Holding Company in Singapore (With FAQs). Singapore created this unique visa as an added incentive to attract the brightest minds to its start-up and entrepreneur scene. Themis Partner is not a law firm or a substitute for an attorney or law firm. Candidates personal details, residential address, company address; Company name and financial information and. You have a background of entrepreneurship and past ventures, and your next project involves coming to Singapore? Guide to get Entrepreneur Pass in Singapore - MyBusiness in Asia You may renew your EntrePass for 1 year during the first renewal, and 2 years for any subsequent renewals. First, submit the application form and the supporting documents to the Ministry of Manpower (MOM) over the counter at any SingPost branch. BBCIncorp Pte. The research collaboration is related to your proposed business; The research institution can provide a contact person to verify details of the research collaboration; You are involved with ongoing research collaboration. To bring your family in, you need to apply for the respective pass types: Family member. Plus, you will be asked to relocate to Singapore to oversee the business operation and activities. Comparison: Singapore EntrePass vs Employment Pass When should I apply for an Entrepreneur Pass? Your company spent a sum of at least S$400,000. 2 2023 will see the continued exponential growth of AI applications and adoption, with venture capitalist investments in Generative AI having reached a new high of US$2.6 billion in 2022Looking specifically at generative AI startups, CB Insights found that 2022 was a record year, with equity funding topping $2.6 billion across 110 deals. How to apply for an Entrepreneur Pass (EntrePass) in Singapore If you appreciate our content, you will also appreciate our other articles: MyBusiness in Asia can assist you with your projects and immigration requirements. Themis Partner explains how to apply for an EntrePass in Singapore. Everything you need to know about Singapore's Entrepreneur Pass MAS and Bank Negara Malaysia launched a cross-border QR code payment linkage between Singapore and Malaysia. When Should a Small Business Change Its Legal Structure? An EntrePass holder can apply for renewal of the pass 3 months before its expiry. The EntrePass is suitable for eligible foreigners interested in operating businesses in Singapore. In most cases, you do not need to have a college degree to be eligible for an EntrePass, which is a far cry from Employment Pass where the applicants educational background is thoroughly scrutinized. Learn About EntrePass: The Singapore Expat Entrepeneur Visa EntrePass is reserved for foreign entrepreneurs who are setting out to build up their new businesses in Singapore. Documents required for EntrePass - Ministry of Manpower Tracking of EntrePass application status while under processing. The Entrepreneur Pass (EntrePass) is a visa applicable to foreign entrepreneurs who wish to launch their startup in Singapore and relocate to the country to run it. Foreign Companies Setting up in Singapore. In tandem with the growing number of foreign entrepreneurs and professionals immigrating to Singapore, the criteria for acquiring this status have become somewhat stringent. You will need these documents to apply: Personal particulars page of your passport. The following are a few important ones: Failure to comply with these conditions may result in prosecution and/or revocation of the EntrePass. The Employment Pass benefits from a more streamlined application process with the MoM in Singapore. 96 Robinson Road MAS and Elevandi announced the theme of the Singapore FinTech Festival (SFF) 2023 - 'Applications of Artificial Intelligence (AI) in Financial Services'. Corporate Secretary, Starting a business How to get an Entrepreneur Pass (EntrePass) in Singapore. EntrePass holders are deemed prospective candidates for Permanent Residence in Singapore, therefore you are allowed to apply for one when the course is due. . You and your company partner in a research collaboration with a research institution that is formally recognized. 9 Raffles Place, #29-05 Republic Plaza, Singapore (048619). A Comprehensive Guide To Entrepreneur Pass In Singapore - BBCIncorp Singapore, 1 June 2023 The Monetary Authority of Singapore (MAS) and Elevandi today announced the theme of the Singapore FinTech Festival (SFF) 2023 Applications of Artificial Intelligence (AI) in Financial Services. You propose to encourage the city-states economic growth by deploying a large amount of capital into local companies. If you are an entrepreneur looking to expand your business and want to operate in Singapore, EntrePass is mandatory. If you incorporate your firm after receiving your EntrePass, you will avoid incurring business registration and relocation costs if your application is rejected. Depending on which endeavor you choose, the set of eligibility criteria and requirements to which you are subject would differ. 068899 Singapore, Our Packages Should you have failed to incorporate your company within the 1 year and have submitted an application for renewal, the Controller of Work Passes may refuse to renew your EntrePass. For one, you may apply for an EntrePass even before you incorporate your company, as long as the company is eventually incorporated. Copy of the personal particulars page of candidates passport; Past employment testimonials in English; and. The candidate must hold at least 30% of the share capital of the company. For example, if you intend to renew an EntrePass that you have held for 2 years so far, you will need to incur at least S$100,000 in business spending, and hire at least 3 full-time employees or 1 professional, manager or executive. Legal Checklist for Setting Up a Restaurant in Singapore, How Businesses Can Import Food into Singapore, How to Apply for Halal Certification for Your Singapore Restaurant, How to Apply for a Liquor Licence to Sell Alcohol in Singapore, Public Entertainment Licence: Guide for Business Owners, Want to Busk in Singapore? The Entrepreneur Pass (EntrePass) is a variation of the Employment Pass, and is the primary type of work pass for owners of newly incorporated (or to be incorporated) Singapore companies who wish to relocate to Singapore to operate their new business. Can I bring my family to live with me in Singapore? In the event that your application is turned down, you might as well lodge an appeal for their reconsideration, which again will take up to 8 weeks to process. Use of this site constitutes acceptance of our Terms of Service and Privacy Policy. All Rights Reserved - Designed and developed by, Accredited Mentor Partners under Startup SG Founder, Agency for Science, Technology and Research (A*STAR), Campus for Research Excellence and Technological Enterprise (CREATE), The exact list of required documents per category, how it will impact the application and renewal of the EP in Singapore, Understand how the ONE Pass and how to apply for this special Pass in Singapore. Do You Need a Shareholder Agreement When Setting Up? Additionally, there is a possibility of bringing your spouse, children and/or parents to Singapore under the Dependant Pass Scheme or the Long-Term Visit Pass Scheme, subject to fulfilling certain criteria. Key facts for EntrePass - Ministry of Manpower Apply for an EntrePass to Set Up Your Business in Singapore To receive your EntrePass, you must be in Singapore and show a copy of the IPA letter, your passport, and any other documentation specified in the IPA letter. The MOM outlines the following steps for the EntrePass application: When applying for the EntrePass the following documents must be submitted: Note that if at the time of application, the business is already registered with ACRA, the candidate will have to submit a copy of the companys latest profile (as available on the ACRA website) and a bank statement showing the required minimum paid-up capital of S$50,000. Submit your application online; The application takes about 8 weeks to process; If the application is successful, an In-Principle Approval (IPA) letter will be issued to you. Singapore Entrepass - Visa Express Make business contracts Why Should I Apply for an EntrePass? A candidate or someone on behalf of the candidate has the authority to apply for the EntrePass. Disclaimer: While BBCIncorp strives to make the information on this website as timely and accurate as possible, the information itself is for reference purposes only. You must mail the completed application form for renewal at least 2 months before the pass expires. You provide employment for a minimum required of at least 12 local full-time employees and 4 local professionals, managers, or executives. Additionally, to bring a family member to Singapore the EntrePass holder must ensure that he or she fulfills the total business spending and job creation criteria as set out by the MOM. Your application is rejected if you receive a rejection letter instead of an IPA letter upon application. This implies that an EntrePass holder cannot bring a family member on the first application. +65 3130 3749+65 3130 3750hello@mybusiness-asia.com Home Our Offer Our Packages Services Assistance Compare Packages FAQ Pricing Your residential address and a local address to which you would like the card to be sent. Upon receipt of the IPA, you are given a window of 6 months to relocate to Singapore to collect the pass. Organised by MAS and ElevandiA not-for-profit entity set up by the MAS to connect people and businesses, ideas and insights in the FinTech sector in Singapore and globally., in partnership with Constellar and in collaboration with The Association of Banks in Singapore, this years SFF will be held from 15 to 17 November at the Singapore EXPO, withThe Capital Meets Policy Dialogue, Elevandi Insights Forumand the annualInnovation Lab Crawl taking place on 13 and 14 November. Use of Themis Partner is subject to our Terms and ConditionsandPrivacy Policy. Growth Package, Hong Kong SINGAPORE, June 1, 2023 /PRNewswire/ -- The Monetary Authority of Singapore (MAS) and Elevandi 1 today announced the theme of the Singapore FinTech Festival (SFF) 2023 . In particular, you must be willing to invest a substantial amount of money in a local company and have a track record in one of the following: However, do note that the following businesses are not eligible for an EntrePass: If you are involved in any of these ineligible businesses, you should instead apply for an Employment Pass or Work Permit (depending on your income). This article is designed to help you understand how to get an Entrepreneur Pass (EntrePass) in Singapore. The first EntrePass is valid for 1+1 years, meaning EntrePass holders must renew their EntrePass after the first year. Singapore Entrepreneur Pass (EntrePass) Scheme | GuideMeSingapore Total remuneration to company's EntrePass holders. If your renewal is successful, you will similarly receive an IPA letter which gives you 3 months to complete the formalities of the renewal. An EntrePass is a special pass for an entrepreneur, and there have recently been changes (Mid 2013) enacted by the government regarding this pass. Your EntrePass application, along with any supporting documentation, must be submitted over-the-counter at any SingPost branch to Singapores Ministry of Manpower (MOM). June 20, 2022 by Vivian Au Register your company with Air Corporate Pay less, get more 100% online and hassle-free The EntrePass visa is a non-immigrant work and study visa for foreign entrepreneurs who wish to start their own business in Singapore, or expand an existing one here. You have built a portfolio of high-caliber and profitable investments. Learn about the requirements, and procedure to apply for an EntrePass. Established SMEs As a start-up hub, Singapore is keen to support innovative business ideas and facilitates their commercialisation through several initiatives. Acupuncture, traditional Chinese medicine, herbal dispensing businesses. Tax Residency in Singapore: If I work overseas do I pay taxes? Setting up a Business for Foreigners and Foreign Companies, Startup Incubator or Accelerator: Why & How to Join in Singapore, Guide to Finding Investors For Your Singapore Start-Up, How to Get a UEN Number in Singapore: Step-by-Step Guide, 8 Checks to Conduct on Registered Companies in Singapore, Artificial Intelligence in Business: Legal & Ethical Considerations, High-Tech Farming Business in Singapore: How to Get Started, How to Start a Business With a Co-Founder in Singapore, How to Start Your Own Law Firm in Singapore. We also compare it with the Employment Pass. It goes without saying that Singapore has a clear vision for long-term growth, which they believe is fueled mostly by the latest innovations in science and technology. The candidate must register fingerprint and photo on the issuance of the EntrePass. Singapore Entrepreneur Pass (EntrePass) - Rikvin Pte Ltd The EntrePass allows eligible foreign entrepreneurs to start and operate a business in Singapore that is venture-backed or possesses innovative technologies. Unmarried handicapped children above the age of 21 years. It is open to all nationalities and is a scheme with the intention of attracting talent to the country and add to Singapore's economy. Singapore Immigration Visa & Work Permit Schemes | GuideMeSingapore Your company receives at least S$100,000 in funding or investment from a third-party venture capitalist (VC) or angel investor who has been duly accredited by a Singapore government body. Do You Need a Partnership Agreement When Setting Up? Ltd. A Comprehensive Guide To Entrepreneur Pass In Singapore, Proofs in the form of written documents acknowledging your qualification as an investor, entrepreneur, or innovator on the ground of the above-mentioned eligibility criteria, A comprehensive business plan which is limited to 10-page long, elaborating every particular of your business framework including, but not limited to, the products/services you offer, your analysis of the current market, your operation plan, the profile of each management team member, and other supporting documents, Personal particulars page of your passport and a passport photo of yours, Proofs in the form of written documents outlining your track record of employment and/or entrepreneurial undertakings, Profile of your previous companies registered with ACRA, if any. Entrepreneur pass Singapore (EntrePass) | Trust Partners The renewal will typically be processed within 8 weeks, and each renewal costs S$225 and an additional S$30 for each Multiple Journey Visa (where applicable). A business plan stating the entrepreneurs business idea, market analysis, market plan, products or services to be offered, etc. Although we try our best to ensure the accuracy of the information on this website, you rely on it at your own risk. The validity of the Pass is up to 2 years. This is beneficial as, upon the issuance of the Entrepass, you may physically be in Singapore to attend to the administrative work in relation to the companys incorporation. Yes, along with other documents specified above, applying for the Entrepreneur Pass involves preparing a business plan, in English, and of maximum 10 pages. Allowed to apply for Permanent Residence (PR) in the future. What is an EntrePass? Please keep in mind that professional firms have no jurisdiction in the Entrepreneur Pass application process, which is subject to assessment and final approval by government officials. How can I get a Entre Pass in Singapore? If an EntrePass card is stolen, lost or damaged, either the pass holder, a company representative or an employment agent can apply for a replacement within a period of 7 days. The issuance of the EntrePass may be requested via EP Online (if the request is made by an employment agent), or over the counter at the Employment Pass Services Centre (EPSC). The Singapore Entrepreneur Pass (EntrePass): Your Comprehensive Guide to Eligibility and Application Process 11/04/2023 If you're an entrepreneur looking to establish a business in Singapore, you might have heard about the Entrepreneur Pass (EntrePass) - a work visa designed for foreign entrepreneurs who want to start a business in Singapore. Its powered by CorporateServices.com a leading Singapore-based corporate service provider that offers a range of services for private limited companies in Singapore. You have an established business network and entrepreneurial track record. In addition, MOM requires applicants to file or translate all the pertinent documents into English. Guide to Obtaining Singapore Entrepreneur Pass (EntrePass) - Sleek How to apply for an Entrepreneur Pass (EntrePass)? - Sleek The Entrepreneur Pass, also known as EntrePass, is a scheme that allows foreigners to start businesses in Singapore. Should you require assistance in applying for your EntrePass, do check out our rates and get in touch. The applicant can own up to 100% of the company and the application cannot be submitted later than 6 months after the date of the incorporation. Find out what businesses are eligible, how to apply and the requirements for renewing the pass. The area of expertise must be related to the proposed business, Demonstrating outstanding achievements or having been internationally recognised in the area of expertise, A strong track record of investing and driving growth of highly scalable businesses, Plans to invest in other local innovative start-ups, Holds at least 8 years of experience as a senior management professional or executive in large corporations whose business is to scale up innovative start-ups, Applicant must own at least 30% of the company, Provide a proof of on-going business activity, Demonstrating that the business is venture-backed or owns innovative technologies as per criteria of the MoM listed. You should obtain specific legal advice from a lawyer before taking any legal action. Artificial Intelligence to take centre stage at the Singapore FinTech Although the significant drawback of the Employment Pass is the minimum salary requirement that starts at SGD 4,500 and raises quickly for experienced hires. At SFF 2023, we have the opportunity to convene a global dialogue that will explore the potential of transformative technologies and policies for financial services, and bolster the FinTech ecosystem against future shocks. You maintain a distinguished record of personal achievements that are relevant to your expertise or field of research. Understand the various initiatives for technology solutions and projects in Green Finance. YONG L. Visa Consultant in practice since 2016, Home Singapore visa services Entrepreneur pass. Typically, an Employment Pass is applied for when you hold a professional job in Singapore while an EntrePass is applied for to start a new business in Singapore. Further, you have to fulfil any of the following innovative criteria as either an entrepreneur, innovator, or investor. Get notified whenever news and updates are posted on this website. You also wish to create, expand and run new or existing businesses in Singapore. In your appeal, you should include supporting documents like: There are several conditions you are required to fulfil during the validity of your EntrePass. Our team of experienced experts provides these Singapore incorporation and other related services through our cutting-edge online platform. Past employment testimonials in English (if applicable). The application for an EntrePass is relatively straightforward. How long does it take to process EntrePass application? How long does the Entrepreneur pass application processing take? If your business is not yet incorporated, you must ensure the incorporation is completed within 1 year from the issuance of the EntrePass. Singapore Entrepreneur Pass (EntrePass) FAQs | GuideMeSingapore Generally, the business plan must set out your individual profile, business idea and implementation plan. After the pass is issued, you have to register your fingerprints and photo within 2 weeks if your notification letter states that you are required to do so. gala event on 16 November. and with Generative AI seeing the fastest-growing consumer take-up in historyA UBS study dated 2 February 2023 cited data from analytics firm Similarweb which stated that ChatGPT, the popular chatbot from OpenAI, is estimated to have reached 100 million monthly active users in January, just two months after launch.. Improving your chances of startup success, Guide to incorporating your Singapore company. Please keep in mind that the medical report must be written in English and must be submitted with the completed medical examination form included in the IPA letter. You know you are well-positioned to apply if you have an innovative business idea that is realistic enough to be translated into a nascent start-up. The Entrepreneur Pass (EntrePass) is a business visa designed for foreign entrepreneurs, innovators and experienced investors who wish to relocate and start a business in Singapore. While foreign professionals can work in Singapore on an Employment Pass or Personalised Employment Pass, foreign entrepreneurs who areshareholders in their Singapore company and wish to relocate to Singapore must apply for an Entrepreneur Pass (EntrePass). You can get the pass issued either electrically through EP Online or over the counter at the Employment Pass Services Centre. Leaders in the financial industry are keen to understand how AI can help build greater resilience in financial services. In most cases, first-time applicants and those whose latest registrations were over 5 years would be subject to this requirement. You may apply for an EntrePass yourself, or appoint a company representative or employment agent to do so. You possess a good track record of investing in businesses, and wish to expand new or existing businesses in Singapore. This work visa allows the holder to be employed by more than one. Why and how to get an EntrePass in Singapore - Flag Theory The Tech.Pass is a new type of work visa created by Singapore's EDB that has been designed with technology experts in mind. The pass gives access to the Singapore market for people of all nationalities, except for those against which an embargo was imposed. What documents are required for an Entrepreneur Pass? It will convene leaders from the government, financial services, investment, and technology sectors. Pursuant to MOM, there are 3 professional statuses that are qualified for the EntrePass: entrepreneur, investor, and innovator. Creating an Entrepreneur pass business plan on your behalf, in the required format, depending on the information youve provided about your potential business.
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